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Still waiting for a breakout below the neckline

Still waiting for a breakout below the neckline | 05 July 2017

05 July 2017, GBP/USD

Technical Observation

As I said earlier, Gbp dropped slightly to the lower side but is yet to breakout below the neckline. I'm waiting for a clear breakout below then neckline, 1.2922, then a pullback to the just broken line to short Gbp towards 1.2819. Ideally, I expect the price to drop with the same number of pips it rose above the neckline. On the hour chart above, this is a double top formation and short positions can safely be recommended upon breakout below the neckline. And the neckline has to be broken with a big red candle.
Technical levels:
Resistance levels
R1: 1.2931
R2: 1.2938
R3: 1.2949
Pivot
1.2927
Support Levels
S1: 1.2905
S2: 1.2916
S3: 1.292

Trade Signal

Wait for a breakout below 1.2922 to short Gbp towards 1.2819

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Imelda Maseno
Analyst of «FreshForex» company
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